Concrete floor coatings market is expected to showcase a CAGR of 7.2% during the forecast period 2023 to 2030. The expansion of end-use industries such as residential construction and the surge in demand for commercial spaces, as well as the growing demand for protective coverings for concrete flooring, are the primary factors that will drive the growth of the concrete flooring market over the course of the forecast period. The expansion of the manufacturing sector in developing economies is also expected to play a significant role in the expansion of the market. The demand for concrete floor coatings produced by manufacturers has been steadily increasing due to a growth in the number of needs for both indoor and outdoor applications. Sales of concrete floor coatings have been further fuelled in recent years by the expansion of the construction and building industry. This growth has occurred concurrently with the meteoric rise in demand for coatings based on epoxy.
The leading players in the construction industry are going to witness an increase in the demand for concrete floor coatings during the forecast period as a result of the construction sector's recent recovery from the setback caused by the COVID-19 pandemic in the year 2020. The pandemic caused by COVID-19 has had a negative impact on both the broader market and the supply chain. As a result of lockdowns and rigorous government laws, there was a disruption in the supply and demand for raw materials, which hindered production and had a negative impact on industrial facilities around the world. Ongoing building projects encountered setbacks as a result of a shortage of workers, lockdowns carried out around the nation, and a general slowdown in economic activity. According to Lexology's findings, the severe lack of available labour has been reported as the COVID-19 effect that has received the greatest attention. For example, the building industry in China is extremely reliant on migrant labour from rural areas, and the National Bureau of Statistics in China reports that there are currently 54 million rural migrant workers employed in the construction business. After the lockdown in 2020, migrant workers who had traveled back to their hometowns to celebrate the Lunar New Year holiday were barred from returning to their places of employment. On the other hand, immunization programs and the lifting of lockdowns are anticipated to be the driving forces behind the growth of the floor coatings industry over the course of the approaching years. This information was included in the report. In addition, during the first three quarters of 2020, the demand for leasing office spaces in Europe fell by almost 40 percent. Alterations in the prices of raw materials are anticipated to be a primary factor that will inhibit the expansion of market revenue. For example, the difficulties that have been experienced by manufacturers of paint and coatings in the United Kingdom and throughout Europe are currently being made worse by sharp price increases for epoxy resins and supply shortages. These factors are also contributing to the limitations that have already been imposed as a result of the COVID-19 pandemic and its associated disruption. In addition, several different firms are suffering increasing dispute as a result of the new trade deals that the UK has made with the EU, which is the source of 60% of the raw materials that are utilised in the UK's various sectors. Since the second half of the year 2020, there has been a considerable upward trend in the cost of polyester resin, epoxy resin, and both of these.
Growth in the market is being fuelled by industrialization as well as rising infrastructure development activities
The expansion of the global market for concrete floor coatings is being driven in part by the acceleration of urbanisation and the rising number of industrial operations. The markets for concrete floor coatings in India and China are witnessing an increase in the number of manufacturing enterprises with a presence there. The global market for concrete floor coatings is being driven by the increasing demand for concrete floor coatings in industrial and commercial structures. The major market players in the concrete floor coatings market are developing their companies by partnering with the industry's small and medium-scale manufacturers. The growing awareness regarding the protection that concrete floor coatings give against thermal shocks and chemical attacks is also propelling the global market for concrete floor coatings. Concrete floor coatings are starting to garner more attention from both consumers and manufacturers due to numerous benefits offered.
The Commercial Real Estate Development Organization estimates that the contribution of commercial real estate development to the GDP of the United States in 2018 was somewhere in the neighbourhood of USD 1.14 trillion. Strong e-commerce operations have highlighted a larger need for warehousing, which resulted in a growth of approximately 12.6 percent in warehousing construction in the United States in 2019 compared to 2018.
A concrete coating is a covering that is applied to cure concretes in order to improve the durability and beauty of the floors. Concrete coatings often come in semi-liquid or liquid forms. Because concrete floors are porous, they allow water and soluble impurities to infiltrate the structure, which accelerates the structure's deterioration. The laitance, efflorescence, and physical faults of the flooring, such as spalling and cracking, are easy indicators of the deterioration that occurs as a result of the use of concrete flooring. Floor coatings offer protection against stains, abrasion, chemical exposure, and freeze-thaw cycles, thereby preventing the structure from deteriorating.
Coatings for concrete floors are utilised extensively in a variety of indoor and outdoor settings. The growing industrialization and urbanisation that are occurring mostly in Asia Pacific as a result of considerable government investments in big industrial and commercial projects are the primary causes that are propelling the industry forward. For instance, according to a report that was released by the Asian Development Bank (ADB) in February 2017, Asia Pacific needs an investment of approximately 26 trillion US dollars in the development of infrastructure from 2016 to 2030. This is likely to have a positive impact on the market share of concrete floor coatings.
The expansion of the concrete floor coatings market is going to receive additional assistance from optimistic projections regarding the construction industry in both North America and Europe. The need for concrete floor coating solutions is being supported by a rapid expansion in commercial development projects in a variety of locations, as well as the construction of new warehouse projects as a result of the proliferation of the e-commerce sector.
3D Floor Coating Promises Significant Opportunity
Utilization of 3D floor coatings has emerged as a new trend in the market recently. Bathrooms, living rooms, lobbies, bedrooms, swimming pools, and Jacuzzis are just some of the places where 3D flooring can now be found thanks to its popularity among the general public as well as among designers. They stand out from other products on the market and have a "WOW" factor, which contributes to their widespread appeal. It is projected that this flooring would completely replace any and all competing options in the home furnishings market. In addition, metallic epoxy flooring, a new kind of flooring that is gaining popularity in both commercial and residential settings, is another recent development that has emerged as a trend in the market. This type of flooring can be found in both commercial and residential settings. Now that premium metallic pigments and high-performance epoxy resins are available, it is now possible to blend colours and patterns on the floor to produce amazing effects. This was not previously conceivable. Clients want to offer customers something unique when they walk on the floor of their institution, whether it is a high-end clinic or a multiplex, a villa, a retail store or a restaurant.
Epoxy Floor Coating Leads the Revenue, Acrylic Segment Leads the Growth During the Forecast Period
Epoxy, polyaspartic, acrylic, polyurethane, and other types of products have been used as the basis for product segmentation the market into its various subsets. In 2021, epoxy floor coatings held over 65% of the market's volumetric share, making them the dominant product. In comparison to other coating options, epoxy coatings have a wider availability, are environment friendly, and are more cost-effective. In addition, leading producers in the industry, such as Sika AG and PPG, have introduced a diverse portfolio of epoxy coatings in the year 2020. During the forecast period, it is anticipated that the epoxy segment will contribute significantly to the total revenue. Epoxy concrete floor coatings are an excellent option for individuals who are looking for flooring that is both long-lasting and aesthetically pleasing. These coatings are created by combining hardeners and polymer resins in order to form a chemical connection with the concrete. In addition, there is a wide selection of colour options and ornamental choices to choose from. The application of an epoxy coating has a number of advantages, one of which is that it creates a surface that is tougher than floor paint and is able to handle a lot of foot activity. It can also be made into a floor that is easy to clean, resistant to stains, and versatile enough to be utilised for a variety of purposes in both domestic and commercial settings. In addition to this, it generates bright and unique visuals that can be customised in a number of different ways, has a speedy installation process, and has a small amount of downtime.
During the forecast period, it is anticipated that the acrylic segment would demonstrate a strong growth rate in terms of revenue. Water is the most frequent solvent that is used to handle acrylic floor coating components including butyl acrylate, ethyl acrylate, and methyl methacrylate. The majority of acrylic floor coatings are manufactured utilising various monomers such as butyl acrylate, ethyl acrylate, and methyl methacrylate. These floor coatings offer a reasonable balance between affordability and performance in their function. Acrylic floor coatings do not have the same durability as epoxy or polyurethane floor coatings. Acrylic floor coatings wear out far more quickly. As a consequence of this, conventional coatings may need to be buffed or reapplied more frequently than these coatings do. Acrylic floor coatings might have a very modest initial cost, but the continuing maintenance costs can be significantly higher than those of other types of coatings. Although acrylic floor coatings do not stay as long as other types of floor coatings, they do cure quite rapidly, within up to an hour after application. As a result, turnaround times and overall labour requirements are reduced, which results in cost savings. In the event that the coating is damaged while it is being used, the surface of the coating can also be readily polished.
Two Component and Three Component Segment to Display Lucrative Growth Opportunities
The market segment based on components in the research report is covered as one component, two components, three components, and four components. It is projected that the segment consisting of two components would experience a considerable growth rate in the market during the forecast period. Additionally, these coatings are predominantly used in manufacturing plants, such as food and beverage, fabrication, plastic manufacturing, and assembly lines, which is expected to boost the growth of the market over the course of the forecast period. These coatings provide additional protection to the flooring from foreign partials and external forces.
A compound annual growth rate of 6% is anticipated for the three-component during the forecast period. Industrialization is a primary contributor to growth. This component system can function well in heavy-duty applications, but its application calls for the assistance of trained professionals. The three components are combined together to produce a flooring solution that is both efficient and effective. Heavy-duty businesses such as chemical production, manufacturing, car parks, and pharmaceutical production, amongst others, are significant consumers of these floor coatings. During the forecast period, there will be an increase in demand for three-component systems due to the growth of the manufacturing industry and investment in infrastructure.
Indoor Applications to Lead Revenue and Outdoor to Lead the Growth During the Forecast Period
The market is segmented into indoor and outdoor categories, depending on the type of application that is being used. The demand for housing infrastructure, which is growing in proportion to population growth, which is accelerating the need for new residential construction projects, is expected to cause the indoor segment to account for a large revenue share in the global market over the forecast period. This is one of the reasons why the indoor segment is expected to dominate the market over the next few years. Concrete can be finished in a variety of ways, including polishing, dying, staining, and putting decorative coatings. These techniques can be used on both new and old concrete. Because of this, it is possible to complete a floor made of concrete in a basement or to uncover concrete floor slabs that were previously covered with carpet or vinyl tile. It doesn't matter whether the floor is in the kitchen, the basement, the garage, or the warehouse: people need it to be able to bear different stresses. Concrete coatings have the same incredible durability as other types of floor tiles and are not prone to chipping or breaking. It is the option that offers the best value for money for every commercial establishment. If it is properly maintained with a concrete coating, a concrete floor can last anywhere from fifty to one hundred years, which is longer than the average lifespan of a house.
During the forecast period of 2023 to 2030, it is anticipated that the revenue generated by the outdoor sector will increase at a quick rate. This is due to the expanding infrastructure construction that is being backed by government financing in emerging nations. In addition, growing construction activities of commercial complexes and parking spaces, growing preferences for concrete floors, changes in urban lifestyles, and growing awareness about the importance of safety in commercial parking areas are some of the major factors that are expected to drive the demand for the product over the course of the forecast period. The natural environment can have an effect at any time of the year, and the consistent usage of outdoor spaces can also lead to some degree of wear and tear. Installing concrete coatings on the floors of outdoor spaces such as a porch or patio can help limit the amount of damage that is done to the exterior features of a property, allowing the owner to get the most enjoyment possible out of such amenities. Despite their durability, bare concrete floors are porous. This permeability makes it possible for insects, bacteria, fungi, moisture, filth, dust, and other tiny contaminants to infiltrate the floor and cause problems. Even if a patio or porch is covered by an awning or shade to protect it from the sun's ultraviolet radiation, which might possibly damage and degrade flooring, the sun's rays and other components in the environment can eventually cause the floors to deteriorate. By applying patio or porch coatings, one can seal off any pores, gaps, or cracks in the floor while simultaneously adding a layer that is resistant to the sun's ultraviolet rays.
Commercial and Industrial Segments Promise Long Term Opportunities
The market is segmented based on end use as follows residential, commercial, and industrial subsets, depending on the type of end-use sector that it serves. In 2021, the residential sector held the largest share of the market due to the growing number of people living in urban areas and the acceleration of urbanisation that is occurring all over the world. In addition, an increase in the demand for concrete floor coatings as a consequence of an increase in residential construction activities in developed nations such as Germany and the United Kingdom is anticipated to further accelerate the expansion of the market during the forecast period. Because of the increasing number of construction projects being undertaken all around the world, the indoor application segment now leads the market. New residential development projects are needed at a faster rate than ever before since the need for housing infrastructure is growing at a rate that is proportional to the population. Urbanization and industrialization have prompted a demand for efficient building materials and solutions in economies that are still in the process of developing, which has led to the successful launch of numerous large construction projects.
For example, China gave preliminary approval for the construction of rental housing developments in August of 2017. This project will first be implemented in 13 cities, some of which are significant metropolitan areas, including as Beijing, Shanghai, and Guangzhou. In addition, the installation of new automotive and pharmaceutical manufacturing houses across these regions, as well as the expansion of commercial spaces in East Europe and the United States, will further assist the growth of the industry.
It is anticipated that the industrial segment will account for a large revenue share of the global market over the course of the forecast period. This is due to the growing use of these coatings in the industrial sector to improve aesthetics, protect floors from corrosion, and reduce heavy surface wear. Every manufacturing plant deals with their own unique set of challenges, which calls for individualised flooring solutions. In industrial buildings, warehouses, or factories, floor coatings made of industrial epoxy or other high performance resinous materials can enhance employee health and safety while also boosting worker productivity. This can be a significant benefit. The kind of floor coating that ought to be chosen is largely dependent on the characteristics of the location, just like the majority of other design and technical concerns are as well. In food and beverage production facilities, storage facilities, laboratories, and pharmaceutical plants, for example, high performance and hygienic floor surfaces are required. These floor surfaces must also be easy to clean, resistant to abrasion and staining, and impervious to the deteriorating effects of chemicals. The expanding industrialization in the Asia-Pacific region, together with the policies of numerous emerging economies that are friendly to foreign direct investment (FDI), will support the market share of concrete floor coatings. In addition, the development of low-VOC goods and the availability of a diverse selection of product portfolios will be the primary growth drivers for the segment during the course of the timeframe covered by the study.
During the time period under consideration, it is anticipated that the commercial sector will remain as the fastest market during the forecast period securing the highest CAGR. Concrete is the material that the vast majority of architects and contractors select when designing and constructing commercial buildings such as offices, restaurants, retail stores, and commercial kitchens because it is durable and easy to clean. Concrete floor coatings, which offer a number of benefits, are the optimal choice for flooring in a wide variety of settings due to their many advantages. Concrete floor coatings, specifically concrete epoxy coatings, are well-known for their sturdiness, toughness, and performance. They also provide a resilient, long-lasting surface that is protected against slipping, which is a significant advantage. The greatest alternative for concealing, defending, and prolonging life of concrete and steel is typically believed to be a concrete floor coating, which promotes safety since they are heat, fire, impact, slide, and spill resistant. When used in workplaces and offices, it protects against wear and tear, makes it possible for supplies and equipment to be moved more quickly, and reduces the amount of wear that is placed on transportation vehicles.
APAC Dominating the Market in terms of Revenues, NA to Grow the Fastest
Demand in North America is expected to increase at a compound annual growth rate of 7.5% between 2023 and 2030, which is much above the global average. Flooring solutions are continuing to experience significant expansion as a result of the robust industrial sector in the region as well as the expanding commercial and infrastructure development in the area. The market for concrete floor coatings in the region will be supported by the robust presence of a number of different industries, including the automotive, electronics and electrical, and pharmaceutical industries, as well as the proliferation of e-commerce and the development of warehouses.
The recovery of the European construction sector is another aspect that is contributing to the steady growth of revenues in this region. For example, the volume of monthly building output in the United Kingdom increased by 1.1% in January 2023, following a gain of 2% in December 2021. This marked the highest level since September 2019, when it had previously been attained. This marked the third month in a row in which growth was greater than 1.0%. Shiny and sparkling surfaces can be achieved with the use of concrete floor coatings, which can help improve the aesthetics of a commercial or industrial space. In addition to assisting in light reflection and lowering the amount of energy required to illuminate the area, a floor can be designed to accommodate the requirements of an organisation. For instance, certain companies may choose to have the floor covered with their company's emblem, and they may also personalise their newly installed floor by selecting from a number of different types and finishes. Floor coatings have the ability to increase the slip resistance of a floor. Altering the floor design is another option for distinguishing between different work spaces. For instance, the region of the floor where the machines are operated might be delineated by a distinct border or might be painted a colour that stands out from the rest of the floor. This provides the employees with information regarding where they should go and where they should use caution.
Concrete floor coatings are becoming increasingly popular in the building and construction industries across Asia Pacific, which is providing significant growth prospects for manufacturers currently functioning in the industry. Therefore, the APAC held the highest revenues in 2021 and is expected to contribute the largest during the forecast period. The demand for concrete floor coatings in the region is being driven by factors such as an increasing population and industrialization, as well as the number of well-established market players. The expanding number of residential and commercial construction projects as well as activities pertaining to the development of infrastructure in Asia Pacific is another factor that is driving the market for concrete floor coatings in that region. For manufacturers already established in growing countries like India and China, there are lucrative opportunities waiting to be taken advantage of. By catering to the growing demand from the flourishing building and construction industry, companies that are active in the market for concrete floor coatings are reaping the rewards of profitable opportunities. At the moment, China is in first place in the market for concrete floor coatings in East Asia, which is the third largest market, and it is anticipated that China will continue to rank 1st during the forecast period. China's economy is benefiting from the skyrocketing demand created by the country's rapidly developing residential, commercial, and industrial construction markets. The Chinese construction market is the largest in the world, and it is governed by a variety of policies at the national level that frequently work in the advantage of makers of concrete floor coatings. For instance, The Construction Law is the most important law in China's construction sector. It offers a comprehensive legal system for the building industry, which includes awarding contracts, establishing quality standards, and supervising construction projects, amongst other things. Real Right Law: This gives property owners certain rights, such as the right to amenity, engineering construction standards, excavation standards, plumbing standards, and a variety of other rights and standards.
Highly Competitive Market Compelling the Competitors to Adopt Dynamic Market Strategies
The market for concrete floor coatings is fairly fragmented on a global scale, with a significant number of large and medium-sized competitors accounting for the majority of market revenue. Therefore, the market is intensely competitive. Key players are making significant investments and putting a strong emphasis on introducing products of higher quality in order to maintain their position in the industry despite the intense competition. The major competitors in this market are adopting variety of strategies, including in mergers and acquisitions, strategic agreements and contracts, and developing, testing, and launching novel products with greater quality. The report on the global market for concrete floor coatings includes information on several major players. These major players in this market include BASF SE, DSM, DAW SE, PPG Industries Inc, NIPSEA Group, RPM International Inc, BEHR Process Corporation, The Sherwin-Williams Company, Valspar, and Sika Corporation. In order to increase their market shares, businesses in the industry are investing in research and development, developing new products, engaging in mergers and acquisitions, and expanding their distributor networks. For example, in February of 2021, Sika AG purchased Kreps LLC, a Russian manufacturer of mortar.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Concrete Floor Coatings market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
